BRC Shop Prices

The BRC Shop Price Index in the UK grew in January at a 1.4% pace over the prior year, slower than the prior month which grew at 1.7%a clip year over yer.

BRC Sales

BRC same store sales declined by less than expected at -0.3% in January versus the estimate of -0.8%. Cable had a muted reaction to the release.

UK Lloyd’s Business Baromoter

The Lloyd’s Business Barometer in January improved to -11 from a -23 reading the prior month. Sterling has traded to the bottom of its January bullish channel today and a break lower could moved the pair back toward the middle of the 1.55 handle.

UK Consumer Confidence

The Gfk Consumer Confidence Survey for January expected to be a-32, came in better than expectations at -29 and the prior (-33.) Sterling moved lower following the release, trading at the 1.57 handle.

UK Housing Survey

The January Housing Survey improved ifrom the prior month, however Cables rise was short-lived as risk has sold off a touch to start the trading week.

• Hometrack Housing Survey (MoM) – Actual:0.0%  Prior:-0.2%
• Hometrack Housing Survey (YoY) – Actual:-1.6%   Prior:-2.1%

Bobbys Corner-Open Market-January.25.2012

Good Morning:

Another choppy night of trading as Euro and GBP led the parade.
With better than expected German IFO data-the EUR/USD pair rose to the mid 1.30 range before falling back into the mid 1.29 range.
GBP did worse-as lower than expected Q4 GDP surprised the markets.  With manufacturers cutting production, and the service sector stagnant-is the UK looking at a double-dip recession?  The BOE will be assessing it’s QE program to see if additional stimulus will not only be needed-but will it do anything in reality-only time will tell.
Greece is still negotiating with private bond holders to work out new interest rates for a bond swap.  The prospects are not looking rosy.

Apple Inc blew out Q4 earnings-expected earnings $10.16/share-real earnings $13.87/share.  Apple is now the largest company in the world.  They have jumped over Exxon/Mobil to take the #1 spot.

Last night President Obama gave his “State of the Union” speech.  He called for higher taxes on the rich, and more government spending (I have no idea where this money will come from) for job creation.  It was a very political and partisan speech-pitting Democrats and Republicans against each other.  In my opinion-the fighting between parties has added to the problems in Washington.   

 This afternoon we have the statement from the FOMC-and a news conference By Chairman Bernanke.

HAVE A GREAT DAY & GOOD LUCK

UK GDP fell 0.2% in Q4, 0.1% decline expected

BoE bond-purchase vote 9-0, interest rate vote 9-0 to keep at 275 bln and 0.5% respectively.

Some MPC memberssaid further asset purchases likely.

Gbp/Usd a touch firmer, presently trading at 1.5655.

UK December budget deficit 13.7 bln vs 14.9 bln estimate

Dec. cash requirement 22.9 bln vs 19 bln forecast.

Gbp/Usd relatively unchanged upon release of numbers, trading at 1.5556.

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